I don't compress guitars, especially guitars. Hell i don't compress any other instrument, i like the rawness and clarity that comes from the nuances of uncompressed tracks, but since guitars are already compressed by nature, those are the last thing you want to compress. If you are having palm mutes that are peaking really hard and the sound like a big "WOOF" with no clarity, a multiband compressor is good to tame the lows, but only a little bit. To me even if the bass on the mutes are over the top, listen to them in a mix, they may not be when all the other instruments are present, most of the time it just makes the mutes sound punchy and fits well. If they still are too much then compress the low band to tame them, but don't overdo it. In a worst case scenario if you can't compress the low band without it ducking and still having too much "woofing" going on, you need to re-mic your cab and dial in your settings better becuase that will have a much better result than compressing to compensate for a recording flaw.
On the other hand i do like to use saturation in the guitar bus. I like to use the single triode from Revalver MkIII, turn the output down and bring the input up until the guitars start to cook, then bring up the output to match the unsaturated levels. Usually when i use the triode for saturation the bass roll off usually takes care of over the top bass which prevents you from needing to use compression to tame the low end. You will have to EQ the lows mids back in to compensate for some warmth, but in the end it works for me real well.
